HOME     MENU     SEARCH     NEWSLETTER    
NEWS & INFORMATION FOR TECHNOLOGY PURCHASERS. UPDATED 2 MINUTES AGO.
You are here: Home / Mobile Tech / Rumors Put Mobile Wallet in iPhone 6
Build Apps 5x Faster
For Half the Cost Enterprise Cloud Computing
On Force.com
Rumor Mill Puts Mobile Wallet in iPhone 6
Rumor Mill Puts Mobile Wallet in iPhone 6
By Jennifer LeClaire / NewsFactor Network Like this on Facebook Tweet this Link thison Linkedin Link this on Google Plus
PUBLISHED:
SEPTEMBER
02
2014
Apple is moving toward the mobile wallet world with its next iPhone. The technology giant has partnered with retailers, banks and major payment networks to make it happen, according to a Bloomberg report.

Bloomberg cited “a person familiar with the situation” who said that Visa, MasterCard, and American Express are among the big names working with Apple to enable a new mobile wallet feature on the iPhone 6. The device will make its first appearance at a Sept. 9 launch event.

“The new iPhone will make mobile payments easier by including a near-field communication (NFC) chip for the first time, the person said,” Bloomberg’s Matt Townsend reported. “That advancement along with Touch ID, a fingerprint recognition reader that debuted on the most recent iPhone, will allow consumers to securely pay for items in a store with the touch of a finger.”

New Life to NFC?

Apple is somewhat late to the mobile wallet game, a nascent yet rapidly growing industry. Companies already offering mobile wallets include Google, Citigroup and Macy’s.

Apple could not immediately be reached for comment, but according to NXT-ID, a biometric authentication company behind a smart wallet called Wocket, Apple submitted a public patent application that describes a detailed backend architecture for a mobile wallet designed to hold digital credit and debit cards and coupons from a range of merchants and financial institutions.

“The filing describes the system as capable of powering mobile transactions conducted via QR codes, the cloud, and contactless NFC," the firm reported. “It's also explicitly engineered to handle large bursts of traffic, such as can occur on a so-called 'launch day' of a client device."

According to a detailed review by research service BI Intelligence and independent experts, the patent application describes an "omni-wallet” that allows other parties to securely send data to Apple device owners leveraging sophisticated encryption and secure hardware to prevent fraudsters from intercepting or duplicating sensitive information such as digital credit cards.

We caught up with Greg Sterling, Vice President of of Strategy and Insights at the Local Search Association, to get his take on the rumors. He told us it was previously thought that Apple was permanently shunning NFC technology.

“If these reports are accurate it could and likely will give new life to NFC as a payments standard in the U.S. Ironically by embracing NFC, Apple might also reinvigorate Google Wallet, whose NFC-based offline payments have languished because of consumer apathy,” Sterling said. “Bluetooth/beacons can also be used as the basis of payments. It was previously thought that's what Apple would be ‘banking on,’ so to speak. September 9 will tell us more.” (continued...)

1  2  Next Page >

Tell Us What You Think
Comment:

Name:

Like Us on FacebookFollow Us on Twitter
TOP STORIES NOW
MAY INTEREST YOU
Salesforce.com is the market and technology leader in Software-as-a-Service. Its award-winning CRM solution helps 82,400 customers worldwide manage and share business information over the Internet. Experience CRM success. Click here for a FREE 30-day trial.
MORE IN MOBILE TECH
Product Information and Resources for Technology You Can Use To Boost Your Business
© Copyright 2014 NewsFactor Network, Inc. All rights reserved. Member of Accuserve Ad Network.